South Korean battery maker SK Innovation and American automaker Ford Motor are set to announce a battery joint venture in the United States to ensure a stable supply of batteries for electric vehicles, industry sources said on Thursday.
The two companies plan to announce a memorandum of understanding on the joint venture later in the day, as South Korean President Moon Jae-in meets with U.S. President Joe Biden in Washington this week to discuss bilateral issues, including EV industry cooperation, sources familiar with the matter told Yonhap news agency.
SK Innovation, a refinery-and-battery unit under South Korea’s No. 3 conglomerate SK Group, has been building a $2.6 billion battery factory in Georgia, which will supply batteries for Ford’s F-150 EVs.
